Monday, September 21, 2009

"As a result of the extraordinary legal expenses associated with the property litigation involving Grace Church in Colorado Springs our reserves have been substantially reduced. Such litigation totalled $2,900,000. The combination of withdrawals for litigation expenditures and the stock market decline have caused the Diocesan unrestricted reserves to decline from $4,900,000 at January 1, 2006 to $750,000 currently. This decline has also lead to a significant decrease in the investment income to be received from these reserves in 2010."

The Episcopal Diocese of Colorado. Read it all here - Kendall Harmon's got the scoop!

13 comments:

In many ways TEC is like ACORN, but in some ways it resembles an addict. If that is to change, it must look in the mirror like a drunk and see clearly what it has become. Surely some in DioCO must be asking whether this was all worth it. If they are like most, they will at best have a hazy idea who is on the Standing Committee, and even less idea how they really get there. Perhaps they will at least start to question the selection process which has allowed this.

Does the litigation fee posted by Dio/CO include the Ecclesiastical "trial" of Armstrong+? At Diocesan Convention last year Bishop O'Neill stated that the property suit was forced upon the Diocese by Grace and St. Stephens; the opening Eucharist for this year's Dio. Convention, in Pueblo, will take place at Grace and St. Stephens, over an hour's drive away.

Remember who nearly bankrupted that diocese because of a $1 million lawsuit for his covering bad conduct from clergy back in the 80s. Colorado fought to protect themselves from CANA/Minns/Yates incursions. They can still start one of your churches, but they have to pay their way rather than steal churches.

Good for you, Colorado. The market will come back, and so will your strength from fighting the good fight.

I've read where you complain the Episcopal Church is fighting over money, based on greed. This story makes it clear that money was not the motivator. So what was? Something of a higher purpose? Perhaps.

Gosh, BB, sounds like that's even more money than the Colorado civil authorities allege was improperly converted by a certain Diocese of Colorado ex-priest to his personal use and to that of his family.

My my my! Where were all you trolls on BB's posting the other day on the South Carolina supreme court decision, and specifically TEC's foiled attempted theft of property not its own through the Dennis Canon?

O'Neil acquired a large parcel (nearly 6 acres) of valuable property when St. George's got shut down last month. I noticed the sign was replaced with an "Episcopal Diocese of Colorado" sign. That property alone could be worth nearly as much as the litigation spend. I'd like to see them go broke, but it won't happen quickly.

The former St. George site could be used for medical office building or assisted living community as it's quite near two major hospitals and several other medical offices. Since the adjoining properties are high-end residential, it's not inconceivable for a neighbor to buy as a buffer.

St. George's ran off the non-libs, but there weren't enough lefties to keep the lights on.

It's quite funny that the ELCA outpost less than a mile from St. George also went under, but the nearby Pentacostals (who caused no small amount of hyperventilation when they showed up 30 years ago) are still going strong.